One agency figure with insight into the process valued the work in the "high six figures" and said Visa was trying to "get consistency across the network in what is a particularly competitive market".
Visa Europe’s director of media & corporate affairs Diane Scott confirmed the review, adding the company had identified a shortlist of potential partners, but declining to comment on the value of the business.
The incumbent Hill+Knowlton Strategies is thought to still be involved in the contest for the brief, which does not impact on local agency relationships.
It first started to work for Visa Europe in 2008 before adding to the brief in 2011 as the brand sought to be seen as more than just a payments firm.
Last week the World Cup sponsor unveiled its latest advertising campaign with Usain Bolt, which will run across 22 European markets until the end of the tournament on 13 July.
Hill+Knowlton Strategies declined to comment.